Next-Gen Data Storage Market To Be Worth $90 Billion By 2029
Blocks&Files, Wednesday, July 10th, 2024
The next-generation global data storage market is projected to grow from $65.1 billion in 2024 to $90 billion by 2029, according to analyst house MarketsandMarkets.
The growth is attributed to the adoption of IoT technologies and connected devices, growing the requirement for real-time data, and the increasing data generation as a result of the use of wearable devices and smartphones. The widening take-up of AI-driven technologies, of course, is also cited as a major driver.
By storage system, said MarketsandMarkets, the storage area network (SAN) segment is projected to grow at a 'high' CAGR (compound annual growth rate) during the forecast period.